Managing the 2015 tax year liability and when to make the payment

•

Other bloggers have written in this forum on matters related to the tax liability of the deceased – how the liability is determined, when the payment is due, how to minimize the liability and on. Another decision to be made by the trustee is to determine how to fund the payment once the amount has been crystallized.
….

Managing the 2015 tax year liability and when to make the payment Continue Reading »

Canada Revenue Agency, Estate Administration, Estate Planning, Executors, Real Estate, Tax Issues

What happens when you put a ring on it?

•

Saturday’s Toronto Star featured an article on a marriage “predator”.  The article tells the sad story of an 89 year old man – Charlie – who married a 65 year old woman  – Galina – because she promised to look after him and ensure he’d never have to move to a nursing home.  They essentially struck a deal:  caretaking in exchange for a mention in the Will.  Charlie was not….

What happens when you put a ring on it? Continue Reading »

Elder Law, Estate Planning

AUTOMATIC-ISH VESTING OF REAL PROPERTY

•

Section 9 of the Ontario Estates Administration Act (“EAA”) is often referred to as the “automatic vesting” provision, since it provides for the automatic vesting of real property in certain circumstances. Specifically, subsection 9(1) provides that real property that is not “disposed of, conveyed to, divided or distributed” among the persons beneficially entitled to such real property within 3 years of the date of death automatically vests in the beneficiaries….

AUTOMATIC-ISH VESTING OF REAL PROPERTY Continue Reading »

Estate Planning

Divisional Court agrees life insurance policy part of estate

•

The Divisional Court recently released its decision in Dagg v. Cameron Estate (the trial decision was previously discussed on this blog here). In brief, the appellant Anastasia Cameron married the deceased, Stephen Cameron, in 2003. They had two children. Stephen took out a life insurance policy in 2010 and named Anastasia as the beneficiary. The couple separated in 2012. Stephen began a relationship with the respondent Evangeline Dagg. Divorce proceedings….

Divisional Court agrees life insurance policy part of estate Continue Reading »

Dependant Support, Estate Litigation, Succession Planning

ESTATE FREEZES AND CORPORATE ATTRIBUTION RULES: A QUICK REFRESHER

•

When an individual taxpayer transfers or loans directly or indirectly property to a corporation, certain provisions of the Income tax Act (“the Act’) may deem the transferor to have received annual interest income on the property at the prescribed rate as set out in the Regulations of the Act. The deemed income will fluctuate with the prescribed rate and the rate is not locked in at the time of transfer…..

ESTATE FREEZES AND CORPORATE ATTRIBUTION RULES: A QUICK REFRESHER Continue Reading »

Business Succession Planning, Canada Revenue Agency, Estate Administration, Estate Planning, Interest, Investments, Loans, Property, Real Estate, Small Business, Succession Planning, Tax Issues, Trustee
Scroll to Top